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ISLAMABAD, Mar 25 (APP):Institute of Chartered Accountants of Pakistan (ICAP) has issued comprehensive Guidelines on application of IFRS 9 Expected Credit Loss Model on circular Debt.
Earlier, the Securities and Exchange Commission of Pakistan (SECP) had temporarily deferred applicability of the IFRS-9 Expected Credit Losses (ECL) model only for companies holding financial assets, due directly or ultimately due from the Government of Pakistan in respect of inter-corporate circular debt, till the financial year ending on or before December 31, 2025, considering the development of Guidelines by ICAP, said a press release issued here on Tuesday.
The SECP expects that subject Guidelines by ICAP will assist relevant companies to apply the requirements of IFRS 9 on circular debt, leading to complete implementation of IFRS 9 by these companies as per the timeline already specified by SECP.